Dow breaks through 12,000 as US GDP growth soars

The Dow Jones soared above 12,000 points at open with investors buoyed by the agreement on Europe's debt crisis and soaring economic growth.

The Dow was trading at 12,109 points by 3pm, having climbed more than 2%. The S&P 500 is also firmer, up 2.3% at 1,270 points.

Both markets received a boost after the US recorded economic growth of 2.5% in the third quarter, nearly double the 1.3% seen in Q2. Inflation has also cooled, down to 2% from 3.3%.

European markets were also enjoying a storming session, with the German Dax up 5.1% at 6,323 points, and the French Cac up 5.3% at 3,338 points.

In London the FTSE 100 extended gains made earlier, up 2.5 or 141 points, at 5,694.

In the UK miners and banks have led the charge as investors put more risk back on the table.

Barclays is the biggest winner on the day, up 14.4% to 204.4p. Earlier it had gained as much as 20%.